A major pan-European banking Group approached us looking for a solution to provide:
- End-to-end traceability of its Know Your Customer (KYC) process.
- A secured way to exchange KYC sensitive information between partners of the process – customers, regulators and internal departments.
Strong Regulation, High Stakes
The bank KYC process is strongly regulated, with audits from their internal compliance team, as well as external audits from the regulator. The recent General Data Protection Regulation (GDPR) has meant the need to protect personal data of customers is more important than ever.
Stakes are high – failure to comply with these strict regulations can lead to massive financial penalties and strong damages to the bank’s reputation.
Moreover, the KYC process is painful and overly complicated for bank employees and their customers, and they risk failing to meet ever increasing customer expectations.
Finally, time spent on this compliance process prevents the bank employees from focusing on their core activity: providing added value financial services to their customers.
Traceability, Security, Simplicity
By using Trace, we allowed all the partners to overcome their challenges in the following ways.
End-to-end process traceability – we provide our clients with a clear audit trail so that they can trace in real time who, did what, when, where and why of every step in the KYC process.
A secure way to exchange sensitive information – secured through advanced cryptography, only “permissioned” partners have access to the relevant content. This allows us to protect customer privacy while also providing independently verifiable proofs that each action of the process has been performed.
A simplified process – thanks to the digitization and automation of steps of the process, repetitive, low-value tasks are replaced by an optimized flow to collect and process data.
The Business Results
Cost Reduction, Risk Mitigation and Improved User Experience
Our solution provided concrete business benefits across the following areas.
Significant cost reductions thanks simplifying and automating the process, and the secured exchange of KYC information between entities.
Important decrease in the time spent on non-core business activity. For instance, the sales team is able to focus on commercial activity instead of collecting compliance documentation.
Risk reduction due to end-to-end traceability of the process, increased security in the exchange of sensitive data and compliance by design.
Improved user experience for all the stakeholders of the process – customers, bank employees and the regulator.